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Note 12 - Net Income Attributable to Controlling Interests Per Common Share

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

12.

Net Income Attributable to Controlling Interests Per Common Share

We compute net income attributable to controlling interests per common share by dividing net income attributable to controlling interests by the weighted-average number of shares of common stock (including participating securities) outstanding during the period, as discussed below. Diluted computations applicable in financial reporting periods in which we report income reflect the potential dilution to the basic income per share of common stock computations that could occur if securities or other contracts to issue common stock were exercised, were converted into common stock or were to result in the issuance of common stock that would share in our results of operations. In performing our net income attributable to controlling interests per share of common stock computations, we apply accounting rules that require us to include all unvested stock awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, in the number of shares outstanding in our basic and diluted calculations. Common stock and certain unvested share-based payment awards earn dividends equally, and we have included all outstanding restricted stock awards in our basic and diluted calculations for current and prior periods.

The following table sets forth the computations of net income attributable to controlling interests per share of common stock (in thousands, except per share data):

		*For the Three Months Ended*								*For the Nine Months Ended*
		*September 30,*								*September 30,*
		*2022*				*2021*				*2022*				*2021*
Numerator:
Net income attributable to controlling interests		$	32,571			$	46,974			$	111,606			$	127,925
Preferred stock and preferred unit dividends and accretion			(6,296	)			(6,629	)			(18,759	)			(16,054	)
Net income attributable to common shareholders—basic			26,275				40,345				92,847				111,871
Effect of dilutive preferred stock dividends and accretion			605				605				1,795				1,795
Net income attributable to common shareholders—diluted		$	26,880			$	40,950			$	94,642			$	113,666
Denominator:
Basic (including unvested share-based payment awards) (1)			14,500				15,118				14,688				15,104
Effect of dilutive stock compensation arrangements and exchange of preferred stock			4,530				5,732				4,835				5,832
Diluted (including unvested share-based payment awards) (1)			19,030				20,850				19,523				20,936
Net income attributable to common shareholders per share—basic		$	1.81			$	2.67			$	6.32			$	7.41
Net income attributable to common shareholders per share—diluted		$	1.41			$	1.96			$	4.85			$	5.43

(1)

Shares related to unvested share-based payment awards included in our basic and diluted share counts were 146,617 and 133,702 for the three and nine months ended September 30, 2022, respectively, compared to 278,425 and 376,301 for the three and nine months ended September 30, 2021, respectively.

As their effects were anti-dilutive, we excluded stock options to purchase 0.1 million shares and 0.0 shares from our net income attributable to controlling interests per share of common stock calculations for the three and nine months ended September 30, 2022, respectively, and we excluded stock options to purchase 0.0 shares and 0.1 million shares from our net income attributable to controlling interests per share of common stock calculations for the three and nine months ended September 30, 2021, respectively.

For the three months and nine months ended September 30, 2022 and 2021, we included 4.0 million shares of common stock for each period in our outstanding diluted share counts associated with our Series A Preferred Stock. See Note 5, "Redeemable Preferred Stock", for a further discussion of these convertible securities.

For the three and nine months ended September 30, 2021, we included 0.0 and 0.1 million shares, respectively, of common stock in the diluted net income attributable to controlling interests per share of common stock calculations associated with our convertible senior notes.